EU member states urged to lower gas-storage targets due to Iran war — reports

The European Commission has urged EU states to lower natural-gas storage targets and start refilling reserves gradually to curb demand, after the war in Iran disrupted key suppliers and triggered a surge in energy prices, the Financial Times reported on Saturday.

EU Energy Commissioner Dan Jorgensen instructed member states to lower the filling target for their gas storage facilities to 80% of capacity, 10 percentage points below the EU’s official targets, “as early as possible in the filling season to provide certainty and reassurance to market participants”, the newspaper said, citing a letter.

-Anusha Shah/Reuters